Plant-based meat analogues (PBMA) are formulated to mimic the sensory characteristics of traditional meat products (TMP) using vegetarian ingredients and are increasingly popular with the trend towards plant-based diets, even among meat-eating consumers. This narrative review compared the nutritional quality of PBMA and TMP to broaden the discussion on the suitability of simulated meat products to substitute TMP, while exploring other attributes for their comparison. The complexity of PBMA and TMP means they are not entirely interchangeable. Importantly, PBMA health effects extend beyond their basic nutrient content and quality. Postprandial metabolism and satiety, for example, can be affected by product formulation, ingredient interactions, and thermomechanical processing involved in producing organoleptically acceptable PBMA. There are specific opportunities for low-sodium PBMA products to contribute to a healthy shift toward plant-based diets. In conclusion, PBMA cannot be assumed to be healthier than TMP. They should be designed with comprehensive consideration of composition and processing to ensure they support consumers who are adopting plant-based diets in realizing the theoretical health benefits.